January 24, 2018 11:30
In 2017, the 330 events of natural disasters have occurred and have generated economic losses of 353 billion u.s. dollars (US$ b), reveals the report Weather, Climate & Disaster Insight : 2017 Annual Report ofAon Benfield. Among these, 97 % $ are weather-related disasters, therefore, time-related, accounting for 344 G US$ of the total losses.
In addition, the report indicates that the losses related to natural disasters that have taken place in 2017 have been 93 % higher than the average observed between the years 2000 and 2016.
Increase the penetration of insurance in the United States
The report also reveals that insured losses for the benefit of the private sector, and programmes sponsored by the government were among the highest ever recorded, reaching 134 billion US dollars in 2017, just behind the 137 billion US dollars recorded in 2011. Compared to 2016, there is a jump of 139 %, which is mainly due to the high penetration rate of insurance in the United States.
Analysts at Aon Benfield are also in that 36 % (80 G US$) of economic damages caused by the hurricanes Harvey, Irma and Maria were insured, and that the forest fires have caused 14 billion US dollars of insurance losses by 2017, the highest level recorded for this risk.
Demonstration of the importance of reinsurance
«While 2017 was a year expensive for the insurance industry, the reinsurance market had an available capital estimated at US$ 600b to cope with the high volume of payments,» says Eric Andersen, ceo of Aon Benfield. More particularly, extreme weather events and forest fires in the United States have demonstrated the value of the reinsurance claims are paid on average within eight days in order to speed up the process of recovery. «
Levels of risk increase
«The high costs of the natural disasters that occurred in 2017, we are reminded that we must still face high levels of risk increasing as a growing number of people and places are exposed to these disasters are located in areas particularly vulnerable to natural events, major,» said Steve Bowen, director of the forecast impacts and meteorologist.
«As the weather scenarios are becoming increasingly volatile in terms of size and potential impact, it becomes more necessary than ever to identify ways to increase awareness, improve communication and reduce the deficit of the insurance protection. We know that natural disasters are going to happen. The question is whether we will be ready to face the next one that will touch us «, he added.